Why AMA, Audinate, Data#3, and Platinum shares are dropping today

These ASX shares are ending the week in the red.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.45% to 7,138.9 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

AMA Group Ltd (ASX: AMA)

The AMA share price is down almost 48% to 6.3 cents. This morning, this smash repair company completed a capital raising to clean up its balance sheet. The company raised $55 million at a 37.5% discount of 7.5 cents per new share. AMA will now seek to raise $14.9 million via a retail entitlement offer.

Audinate Group Ltd (ASX: AD8)

The Audinate share price is down 9% to $13.02. This has also been driven by the completion of a capital raising. The audio-visual media networking solutions provider has raised $50 million from institutional investors at $13 per new share. This represents a more palatable 9% discount to its last close price. The proceeds will be used to deliver organic growth through continued strategic investment in new and innovative products.

Data#3 Limited (ASX: DTL)

The Data#3 share price is down 3% to $6.99. This appears to have been driven by the release of a broker note out of Morgans. According to the note, the broker has downgraded the IT solutions company's shares to a hold rating with a $7.00 price target. The broker made the move on valuation grounds.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 4.5% to $1.31. Investors have been selling this fund manager's shares following the release of its latest funds under management (FUM) update. According to the release, Platinum's FUM fell 6.3% to $16,679 million in August.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Audinate Group. The Motley Fool Australia has positions in and has recommended Audinate Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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